LEF+
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 188% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 1 |
| full-time | 2 | 1 |
| part-time | 0 | 0 |
| in full-time equivalents | 2 | 1 |
| Average over the year, in full-time equivalents | 0.7 | 1.1 |
| On a permanent contract | 2 | 1 |
| Joined | 2 | 0 |
| Left | 0 | 1 |
| Training hours | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Securities and guarantees
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Carrying value of the other pledged assets | - | €6,237 | - |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €6,325 | €3,316 |
| Financial fixed assets | - | €250 | €0 |
| Depreciation and write-downs of the year | - | €338 | €1,539 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €33,189 | €70,278 | ▲ 112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €338 | €1,539 | ▲ 355% |
| Other operating charges640/8 | - | €2,032 | €1,057 | ▼ 48.0% |
| Gross operating margin9900 | -€1,706 | €46,115 | €103,313 | ▲ 124% |
| Operating profit (loss)9901 | -€1,706 | €10,555 | €30,438 | ▲ 188% |
| Financial income75/76B | - | €132 | €248 | ▲ 87.6% |
| Recurring financial income75 | - | €132 | €248 | ▲ 87.6% |
| Financial charges65/66B | - | €0 | €97 | ▲ 3,247× |
| Recurring financial charges65 | - | €0 | €97 | ▲ 3,247× |
| Profit (loss) for the period before taxes9903 | -€1,706 | €10,687 | €30,589 | ▲ 186% |
| Income taxes67/77 | - | €2,218 | €7,974 | ▲ 259% |
| Profit (loss) for the period9904 | -€1,706 | €8,469 | €22,615 | ▲ 167% |
| Profit (loss) for the period to be appropriated9905 | -€1,706 | €8,469 | €22,615 | ▲ 167% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €3,337 | €42,548 | €65,142 | ▲ 53.1% |
| Fixed assets21/28 | - | €6,237 | €8,014 | ▲ 28.5% |
| Tangible fixed assets22/27 | - | €5,987 | €7,764 | ▲ 29.7% |
| Plant, machinery and equipment23 | - | - | €3,042 | - |
| Furniture and vehicles24 | - | €5,987 | €4,722 | ▼ 21.1% |
| Financial fixed assets28 | - | €250 | €250 | = |
| Current assets29/58 | €3,337 | €36,312 | €57,128 | ▲ 57.3% |
| Stocks and contracts in progress3 | - | €10,780 | €13,742 | ▲ 27.5% |
| Stocks30/36 | - | €10,780 | €13,742 | ▲ 27.5% |
| Amounts receivable within one year40/41 | €2,837 | €13,014 | €23,169 | ▲ 78.0% |
| Trade receivables40 | - | €8,209 | €11,221 | ▲ 36.7% |
| Other amounts receivable41 | €2,837 | €4,805 | €11,948 | ▲ 149% |
| Cash at bank and in hand54/58 | €500 | €11,782 | €20,186 | ▲ 71.3% |
| Deferred charges and accrued income490/1 | - | €736 | €31 | ▼ 95.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €3,337 | €42,548 | €65,142 | ▲ 53.1% |
| Equity10/15 | €1,294 | €9,763 | €32,377 | ▲ 232% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | €6,763 | €29,377 | ▲ 334% |
| Distributable reserves133 | - | €6,763 | €29,377 | ▲ 334% |
| Profit (loss) carried forward14 | -€1,706 | €0 | - | - |
| Amounts payable17/49 | €2,043 | €32,786 | €32,765 | ▼ 0.1% |
| Amounts payable within one year42/48 | €2,043 | €32,786 | €32,765 | ▼ 0.1% |
| Trade debts44 | €2,043 | €27,525 | €18,474 | ▼ 32.9% |
| Suppliers440/4 | €2,043 | €27,525 | €18,474 | ▼ 32.9% |
| Taxes, remuneration and social security45 | - | €5,261 | €14,291 | ▲ 172% |
| Taxes450/3 | - | €2,714 | €12,354 | ▲ 355% |
| Remuneration and social security454/9 | - | €2,546 | €1,937 | ▼ 23.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,706 | €8,469 | €22,615 | ▲ 167% |
| + Depreciation and write-downs630 | - | €338 | €1,539 | ▲ 355% |
| Operating cash flow (approximation) | -€1,706 | €8,807 | €24,153 | ▲ 174% |
| Investment in fixed assets (approximation) | - | - | -€3,316 | - |
| Change in cash | - | €11,282 | €8,404 | ▼ 25.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as LEF+ has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LEF+ itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 39,278 companies, not a prediction for LEF+. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.